UK house-building slows to weakest since May 2020 - PMI

Bolstered by surging house prices, Britain's construction industry weathered the pandemic relatively well.

May's S&P Global/CIPS construction Purchasing Managers' Index (PMI) fell to 56.4 in May from 58.2 in April, the lowest reading since January and broadly in line with economists' median expectation in a Reuters poll. Picture: Chris Ratcliffe/Bloomberg

Construction of new homes in Britain almost ground to a halt last month as builders feared the cost-of-living squeeze and rising interest rates would constrain demand, a closely watched survey showed on Wednesday.

May's S&P Global/CIPS construction Purchasing Managers' Index (PMI) fell to 56.4 in May from 58.2 in April, the lowest reading since January and broadly in line with economists' median expectation in a Reuters poll.